Technical Analysis

Daily Technical analysis for December 20, 2019

Daily Technical analysis for December 20

EURUSD

As we expected yesterday, the EURUSD fell after retesting the broken upward trend line on the one-hour timeframe. Now, we expect more decline in the coming hours.

Resistance levels: 1.1175 - 1.1210 - 1.1260

Support levels: 1.1110 - 1.0990 - 1.0940

Direction: Bearish

 

GBPUSD

The GBPUSD broke the uptrend line, but still close to a strong support area. So, we should wait for it to breach to target the 1.2770 price level.

Resistance 1.3500 -1.3600 - 1.3650

Support: 1.3020 - 1.2960 - 1.2900

Direction: Bearish

 

USDJPY

The USDJPY strongly fell after touching the resistance level of 109.70, and it is likely to continue falling until the price level of 108.90.

Resistance: 109.70 - 110.00 - 110.50

Support: 108.90 - 108.30 - 107.90

Trend: Volatile

 

Gold

Gold is moving in an upward direction on the hourly timeframe, as shown in the following image, where the price is facing resistance at 1478. We are currently waiting for its breach and stability above it to buy.

Resistance: 1495 - 1515 - 1540

Support: 1445 - 1430 - 1420

Trend: Bullish

 

Oil

As it is clear from the following chart, oil is moving in an upside direction on the hourly interval and near the top of the channel. We should wait for the support level of 58.81 to be broken for selling until the bottom of the channel. Also, the RSI indicates overbought and refers to a negative price divergence, which supports the downside correction. .

Resistance 62.50 - 65.00 - 68.00

Support: 58.81 - 53.75 - 51.45

Trend: Bullish



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